The Mirror says United had offered up Rojo, Joel Pereira or Angel Gomes in the package for the Portuguese playmaker, who is valued at around £50million plus add ons.
United are ready to table a bid worth £65m later this week as they look to wrap up a deal for Fernandes this month.
Negotiations with Sporting and the player's representatives continue, and it is claimed in Portugal that Rojo could be included in the package for the 25-year-old.
The Argentinian has been deemed surplus to requirements at Old Trafford, having made just three Premier League appearances all season.
O Jogo report that Sporting want United to cover some of the defender's wage packet.